[somniferum]

I too have known many outstanding students who 'indulged' a bit during undergrad/grad school. I think this is a stupid policy.

[tfecw]

If the student is spending the cash on non school related things then his funding should get yanked. If he has plenty of cash to buy things not for school (drugs, booze, cars, beanie babies, whatever) then he's getting too much money from taxpayers.